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    Savings Bank of Danbury’s plan to construct a 35,000 s/f building in Danbury is a significant investment in downtown’s revitalization efforts

    Published on October 29, 2021

    Savings Bank of Danbury  today announced plans for the construction of a new, 35,000 square foot office building at the corner of Main and White Streets in Danbury.

    The new building will house the Bank’s non-branch back–office operations team. Savings Bank of Danbury will continue to use its location at 220 Main Street, Danbury, as its headquarters. The new building is designed to allow for the Bank’s expansion plans.

    Savings Bank of Danbury CEO Martin G. Morgado has worked with Danbury Mayor Joseph M. Cavo to advance the construction initiative. The proposed location would be situated on two adjacent properties owned by the YMCA and the City of Danbury, respectively.

    Martin Morgado said that the Bank has been looking for the right location for this proposed expansion for some time. “We are very grateful to Mayor Cavo and the City Council, and the Regional YMCA of Western Connecticut for their collaboration as we undertake this new project. We will build a first-class structure that will honor the legacy of this property and this city.” He added, “Our new location will enable us to consolidate our non-branch back-office operations and provide dynamic meeting space and operations facilities. As the oldest continuously operating business in the City of Danbury, with a history dating back to 1849, we are so pleased that we found the right location within the City of Danbury.”

    Danbury Mayor Joseph M. Cavo said, “We congratulate Savings Bank of Danbury on this exciting expansion project within our city center. This plan will lead to additional employment opportunities and daily foot traffic, fueling the ongoing economic revitalization of downtown. The building would be located on the corner of Main Street and White Street with excellent visibility, creating an impressive gateway to downtown Danbury.”

    He added, “The Bank has always had strong ties with this city and is a great member of our community. We look forward to seeing this landmark construction completed.”

    The YMCA had previously used the site for its Escape to the Arts operation. The adjacent lot, once known as the Tuxedo Junction building and which has been vacant since 2015, was purchased by the City in 2017.

    Marie Misewski, CEO of The Regional YMCA of Western Connecticut, said, “Savings Bank of Danbury is a great member of the Danbury community, and an institution which has shown over and over again its commitment to this region. We are pleased to be part of this project and we wish them the very best.”

    Gary Hawley, Chairman of the Board of Directors for the Savings Bank of Danbury, said, “this new bank location will be a cornerstone in Downtown Danbury.  On behalf of the Board of Directors, we are proud to expand further into the community which has been our home for 173 years.  We look forward to a very bright future.”

    The last significant building project in Danbury for the Bank was in 1999 with the construction of their location at 35 West Street in Danbury. At that time, the Bank had 65 employees and $362 million in assets.  Today, Savings Bank of Danbury has over 200 employees and $1.4 billion in assets.  The Bank is also expanding its presence further in Fairfield County with the planned opening of a location in Norwalk later this fall.